Here are five reasons listing your home for sale this spring makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory has declined year over year for the last 32 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.
Historically, the average number of years a homeowner stayed in their home was six but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 45 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 4.8% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
5. It’s Time to Move on With Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.
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1. Your Home Has to be pretty as a picture! People will be seeing your home online before they ever set foot in it. So that means that your house will have to look its best when photos are taken. Every room needs to be at minimum neat and clean, but every detail does show up on camera. No piles of things that you are meaning to pack, or laundry waiting to be folded… Now is the time you want your home to look its company best. You will also want to make sure your home’s best features are included in the listing photos. Do you have a great backyard, or finished basement, or a deck made for entertaining… Let prospective buyers know about it!
2. And now that you’ve got your home looking gorgeous for the photos, you have to keep it looking that way! You never know when a buyer will come across those photos of your home and want to see it right away. You have to be in “ready to show” mode at all times, so no dishes left overnight in sink, or toys scattered around the house.
3. The first two weeks after listing bring in the most buyers, so price accordingly. Offer a fair price; buyers excited about seeing your “just listed” home may be more apt to making an offer on a home that is reasonably priced than one that is overpriced. Don’t start off high, thinking you can always bring the price down if you don’t get any results. You may miss out on that initial excitement and buyers will then see a home that has been lagging on the market and wonder why…
4. Clean out your closets! Everybody wants and needs more storage, so if your closets and cabinets are overflowing, it screams to buyers “This house does not have enough storage room!” This is the time to declutter. Donate, make a trip to the local consignment shop, or store off-site, but make sure buyers see neat, organized closets with plenty of room. You may even find yourself liking this pared-down living style!
5. Even in a Seller’s Market you may have to offer some buyer incentives. While many sellers are benefitting from the current market, some homes may be older, not quite as “nice” as others in the neighborhood, in need of work, etc. You may want or need to consider sweetening the deal. By being realistic about your home and how it may appear to buyers, you can come up with options that just might make buying your home more appealing. From covering closing costs, to purchasing a home warranty to cover repairs that might be needed, or doing a pre-sale home inspection, you may find yourself selling sooner, even if your house is not the prettiest on the block!
Selling a home? Avoid these selling mistakes
Selling a home is a major life event that can trigger a lot of feelings – and a lot of decisions that just might wind up working against you! After all, your home is special to you; it’s your castle, your retreat. It reflects your taste, your style,your hard work (or even your lack thereof)… And your home holds memories, as well as your belongings. Maybe lots of your belongings.
There are basic things that you’ll be asked to do when you put your house on the market. Some of these things may seem a little unreasonable, maybe a little harsh, but these are the things that help sell homes. Some homeowners have trouble following the advice of real estate professionals when first putting their home up for sale, then wonder why it’s not selling. So let’s learn from their mistakes…
Overvaluing a Home
The truth is simple. If your home is overpriced, it just won’t sell. It’s important to take note of similar homes in your neighborhood that have sold and see what they went for. An experienced real estate agent will be able to tell you what your home is worth. And, though you might have put a great deal of money into making renovations to your home, don’t assume that you can just add that onto your home’s value.
You put too many restrictions on showing times, or you are always present at showings
It’s just common sense. Agents must be able to access your home to show it to prospective buyers. Your home should be kept clean and ready to show, sometimes on short notice. Also, if your house is going to be shown, that is the time to leave for a little while. Buyers can become very uncomfortable if you are hovering around while they are looking around. They may not feel free to tour your home and address any issues they see with their realtor. They might just leave your home without giving it the consideration they might have if you were not there…
Your Home is just not clean enough
A visibly dirty house is not going to make a good impression on buyers. Stained carpets, streaky windows, dust… Your home has to be “best company” clean, and kept that way. You never know when your house will be shown. If necessary, have a cleaning service come in for a one-time deep clean, then make sure you maintain that clean! Make sure bathrooms are clean every morning, beds made, no dirty dishes in sink or on countertops, no piles of laundry around. Do a quick scan before you leave the house in the morning and make sure clutter is put away, and all rooms look their best.
Your Home is just too cluttered – and has too much personal “stuff” around
Here’s a simple truth. When people see clutter, they think “Not enough storage space!” Now is the time to start the de-cluttering process. In addition to making your house show-ready, it will make your packing and moving to your new home that much easier! Donate what you can, and the items that you really want to keep you might want to consider packing up and storing. This goes for closets, too. Yes, buyers will be looking into your closets, and again don’t want to feel there is no space. Donate what you no longer wear, pack up and store out of season items. Linen closets and under counter cabinets should also be uncluttered.
Then comes the really hard part… Taking down all those photos of your family, the kids’ school portraits, vacation shots. Buyers need to be able to walk into your home and visualize it as their home, not yours! Your walls should be a neutral canvas that will let the buyer envision the possibilities.
Your Home needs a lot of repairs!
Most buyers don’t want to move into a home that will require the expense and effort of making lots of repairs, even if some are just “small” repairs. The less repairs needed, the more appealing your home!
And, last but not least…
You don’t have the right real estate agent!
The right agent will help keep you from making these selling mistakes, and others, and will then market your beautifully clean, uncluttered, depersonalized, correctly priced home so that you can achieve the best results!
The prospect of staging their home for sale gives some clients “stage fright.” They don’t want to take down their family photos and collectibles. Moreover, they feel their home looks great the way it is and that will help the sale!
How Staging Can Help Sell Your Home
Home staging is a vital step that should not be overlooked or dismissed in the preliminary discussions of getting ready to sell. However, there are different “Stages” of Staging that will ultimately give your home “High Octane” power when entering the market. Showcasing targeted areas, giving attention to WOW factors, are key components. Your realtor will strategically guide you for your grand debut to the market.
A Picture is Worth a Thousand Words
Staging has become the new norm that will warrant interest and offers from buyers in short time. Remember, the goal in selling your home is to get the highest value the market will support in the least amount of time. Buyers expect to see their lifestyle fit in your home. It’s no longer just for high-end custom properties. Its purpose is to capture positive attention and leave an impression on the market. Buyers see first with their eyes. Then their heart, followed by an offer. You only get one chance at a first impression- make it worthwhile for you!
The Importance of De-Cluttering
Your home, once entered into the MLS, will be seen on the largest of online platforms. A “Show ready” home is well worth a few revisions. Enhance your home by painting to balance tones and freshen. Then put away any and all personal collections and the family photos. De-clutter, de-clutter, and de-clutter are the simplest things to do, yet among the most important, and will have a big impact when your home is professionally photographed.
Keep in mind, putting these items away is just temporary and also provides added privacy when opening your home to buyers and viewers, both online and in person. Focus all your attention on the house .. and NOT what’s in it! You want prospective buyers to leave your home excited and envisioning their needs and lifestyle, not wondering if they know you or your family from the photos displayed or distracted by the elaborate collection of vintage dolls or sports memorabilia.
So no need for stage fright. Put away those photos and priceless collectibles. If you follow these simple steps you’ll be looking forward to a great opening of your very own show-ing!